It also made me quake with rage on about every other page. First, Reich has to state the problem. Second, he knocks down several arguments. Third, he shows us the real reason. As communication technology computers, phones, etc. By and large, Wal-Mart just used its size to put unprecedented pressure on their own suppliers and workers , moving to any spot on the globe which was cheaper.
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The five biggest U. Everyone from general managers to housekeepers will be affected. But the bill is full of loopholes that Trump can exploit to benefit himself and his hotels. The three cruise ship corporations controlling 75 percent of the entire global market are incorporated outside of the United States to avoid paying taxes. Democrats secured key provisions stipulating that companies are only eligible for bailout money if they are incorporated in the United States and have a majority of U.
However, Trump has made it clear he still wants to help them. But why should we believe big corporations will protect their workers right now? What about worker benefits, pensions and health care? How much of this bailout is going to end up in the pockets of executives and big investors? Amazon, one of the richest corporations in the world, which paid almost no taxes last year, is only offering unpaid time off for workers who are sick and just two weeks paid leave for workers who test positive for the virus.
Meanwhile, it demands its employees put in mandatory overtime. Oh, and these corporations made sure they and other companies with more than employees were exempt from the requirement in the first House coronavirus bill that employers provide paid sick leave. For decades these companies and their billionaire executives have been dodging taxes, getting tax cuts, shafting workers, and bending the rules to enrich themselves. Every penny we have needs to go to average Americans who desperately need income support and health care, and to hospitals that need life-saving equipment.
Corporate welfare is bad enough in normal times. We must stop bailing out corporations. The initial outbreak of the coronavirus began in Wuhan, China, in December, By mid-January, , the White House had intelligence reports that warned of a likely pandemic. Two days later, the virus was confirmed in both the US and South Korea. That week, South Korean officials immediately drafted medical companies to develop test kits for mass production.
The WHO declared a global health emergency. But Trump … did nothing. As Hubei Province went on lockdown, Trump, who loves any excuse to enact a racist travel ban, barred entry of any foreigners coming from China it was hardly proactive but took no additional steps to prepare for infection in the United States. The US pandemic response was already failing. Trump then began actively downplaying the crisis and baselessly predicting it would go away when the weather got warmer. Trump decided there was nothing to see here, and on February 24th, took time out of his day to remind us that the stock markets were soaring.
A day later, CDC officials sounded the alarm that daily life could be severely disrupted. The window to get ahead of the virus by testing and containment was closing. With cases in the US, Trump declined to call for a national emergency. Meanwhile, South Korea was now on its way to testing a quarter million people, while the US was testing 40 times slower.
By this time, South Korea had been using an app for over a month that pulled government data to track cases and alert users to stay away from infected areas. At every point, Trump has used this crisis to compliment himself. This is not leadership. This is the exact opposite of leadership.
Four years ago, in the Democratic primaries, you made it respectable to talk about Medicare for All, free public higher education, and raising taxes on the wealthy. You alerted America to the vast and growing gap in income, wealth, and political power, and its dangers for our economy and democracy. You have inspired and galvanized a new generation of young Americans.
You have made it possible for America to live up to its ideals. Your courage and determination have made me and countless others proud. Thank you. May your voice, your indignation, and your moral clarity ring out for years to come. CEOs are in business to make a profit and maximize their share prices, not to serve America. And yet these CEOs dominate American politics and essentially run the system. Therein lies the problem: They cannot be advocates for their corporations and simultaneously national leaders responsible for the wellbeing of the country.
This is the biggest contradiction at the core of our broken system. Jamie Dimon often warns that tight banking regulations will cause Wall Street to lose financial business to banks in nations with weaker regulations.
Dimon used the same faulty logic about American competitiveness to support the Trump tax cut. Consider a mainstay of corporate America, General Electric. Two decades ago, most GE workers were American. Today the majority are non-American. Its once core allegiance to American workers and consumers is gone. Google has opened an Artificial Intelligence lab in Beijing. Apple employs 90, people in the United States but contracts with roughly a million workers abroad.
American corporations will do and make things wherever around the world they can boost their profits the most, and invest in research and development wherever it will deliver the largest returns. The real competitiveness of the United States depends on only one thing: the productivity of Americans.
That in turn depends on our education, our health, and the infrastructure that connects us. Yet today, American workers are hobbled by deteriorating schools, unaffordable college tuition, decaying infrastructure, and soaring health-care costs. They want tax cuts and rollbacks of regulations so they can make even fatter profits. All of which is putting Americans on a glide path toward lousier jobs and lower wages.
Why should we think that he or his fellow CEOs seek any goal other than making more money for themselves and their firms? Fundamental reform will be led only by concerned and active citizens. But it is also tailor-made for Donald Trump, who has spent a lifetime exploiting chaos for personal gain and blaming others for losses. They should have had more ventilators. And now FEMA is bidding on top of the 50! So FEMA is driving up the price.
What sense does this make? An array of producers, importers, wholesalers, and speculators. To oversee the slush fund, Trump has picked one of his White House lawyer lackeys who played a key role in shaping his impeachment defense.
Then Trump fired the inspector general for the intelligence community who first told Congress about the whistleblower complaint that led to the impeachment. Recall that Trump was impeached on charges of abuse of power and obstructing investigations. Eight months ago, he phoned Ukrainian president Volodymyr Zelensky, seeking dirt on Joe Biden and threatening to hold up military aid to get it.
In June , his son, Donald Jr. In reality he will do anything — anything — to hold on to power. In his mind, the coronavirus crisis is just another opportunity. How to Prepare for the Trump Recession The global coronavirus pandemic has put our economy in free-fall. A recession is inevitable at this point. Here are 3 things we can do to prepare. When it was first created in , unemployment insurance was designed to help full-time workers weather downturns until they got their old jobs back.
We need to expand unemployment coverage so that everyone is protected. Worse yet, many individuals in need have already exhausted their five years of lifetime eligibility for assistance.
We need to reform the public assistance program so that more families in need are eligible. It should be easier to waive the strict work eligibility requirements during the economic downturn, and the lifetime five-year limit should be suspended. Its requirements are designed to expand during economic downturns or recessions. The program helped keep an estimated 3. But that might not be an option this time around, as SNAP has come under attack from the Trump administration, which is trying to enact a draconian rule change that would kick an estimated , of our most vulnerable citizens off of the program.
Luckily, a judge blocked the rule from going into effect, but the administration is still fighting to enforce it — even in the middle of a global pandemic. Stronger safety nets are not only good for individuals and families in need. They will also prevent the looming recession from becoming an even deeper and longer economic crisis. On Sunday he backed off his Easter back-to-work deadline, saying social distancing guidelines would remain in place until the end of April.
But senior public health officials including Dr Anthony Fauci , director of the National Institute of Allergy and Infectious Diseases, think this may be too soon. America already leads the world in coronavirus cases. It may seem logical to weigh the threat to public health against the accumulating losses to the economy, and then at some point decide economic losses outweigh health risks. Eighty percent of Americans live paycheck to paycheck. Late last week, lawmakers made an important step to prevent such hardships.
The bill was almost scuttled when Republican lawmakers objected that this would boost incomes of some job losers higher than their pay when they worked. So a temporary boost in pay in order to get people to stay home and thereby help slow the spread of Covid is hardly unseemly. But most of its gains had gone into corporate profits, as shown by the meteoric rise of the stock market until a few weeks ago. The bankers and billionaires now urging Americans get back to work own a huge share of that stock market.
The richest 1 percent of the population owns roughly half of the value of all shares of stock.
Data Protection Choices
Reich Narrated by: Robert B. Reich Length: 6 hrs and 7 mins Unabridged 5 out of 5 stars 93 Performance 5 out of 5 stars 81 Story 5 out of 5 stars 80 Millions of Americans have lost confidence in our political and economic system. After years of stagnant wages, volatile job markets, and an unwillingness by those in power to deal with profound threats such as climate change, there is a mounting sense that the system is fixed, serving only those select few with enough money to secure a controlling stake. With the characteristic clarity and passion that has made him a central civil voice, Robert B.
Supercapitalism: The Transformation of Business, Democracy, and Everyday Life
The five biggest U. Everyone from general managers to housekeepers will be affected. But the bill is full of loopholes that Trump can exploit to benefit himself and his hotels. The three cruise ship corporations controlling 75 percent of the entire global market are incorporated outside of the United States to avoid paying taxes. Democrats secured key provisions stipulating that companies are only eligible for bailout money if they are incorporated in the United States and have a majority of U. However, Trump has made it clear he still wants to help them. But why should we believe big corporations will protect their workers right now?